Appraising the World’s Leading iGaming Markets

Posted by Harry Kane on Saturday, July 3, 2021

There’s no doubt that the global iGaming market represents a huge financial entity, and one that’s expected to boast a total value of $127.3 billion by the end of 2027.

However, the landscape of the global iGaming market continues to shift considerably, as new countries enter the fray and sectors in developing economies begin to make their mark.

In this post, we’ll consider the leading emerging markets in the global iGaming space, while considering the impact of various sectors such as online casino gambling and virtual sports betting.

1. Sports Betting on the Rise in the Developing World

While the global sporting calendar took a significant hit last year, a series of alternative and new betting markets emerged across an array of different countries.

Across the board, there’s no doubt that markets in developing economies recorded the biggest increases from the perspective of sports betting, with Thailand, Colombia and South Africa leading this trend.

In Thailand, for example, the market has seen a 25% increase in the number of searched related to sports betting through 2020, despite the inconvenient fact that this practice is officially illegal in the country.

Overall, it’s thought that up to 57% of Thai nationals now engage in some form of gambling overall, although just 1.6% admit to this (due to the presence of stringent anti-gambling legislation) and the number of those betting on sports has only increased to 16.7% in total.

In Colombia, sports betting interest as measured by online search phrase has increased by 21% over the course of a four-year average, with this representing a steady and stable increase since the practice was officially legalised in 2016.

Overall, eight of the top 10 countries that have seen the biggest increase in sports betting interest would be classed as being developing nations, with only Canada and the US bucking this trend.

In the case of North America, this has much to do with the legalisation of sports betting across multiple states following a Supreme Court ruling in May 2018, with online searches increasing by around six percentage points when compared to the four-year average.

2. The Rise of Online Casino Gameplay Across the Globe

A similar trend can be observed in relation to online casino search phrases, although it’s fair to surmise that both developed and developing countries are experiencing growth in this respect as governments adopt a more progressive regulatory outlook and look to monetise the lucrative iGaming marketplace.

Studies have covered numerous niches and all-encompassing online casino searches, rather than just focusing on each individual country’s preferred games and verticals. In this respect, the search terms are inclusive of slots, blackjack, roulette, baccarat and poker, which is why the most recent results are so insightful.

When compared to the four-year average, the Eastern European nation of Ukraine has seen the sharpest increase in online casino searches, with this up by 31% during 2020. It’s also more than 40% higher than the number recorded back in 2016, with this trend largely driven by the passing of recent legislation that made iGaming, bookmaking and land-based casinos completely legal.

Once again, Thailand has recorded a huge increase in online casino interest during the same period, with this having risen by an impressive 28% through 2020. Argentina trailed third with a cumulative 27% increase, while Canada is also featured following its own decision to relax online gambling legislation and regulatory measures.

The European nation of Croatia has also recorded incremental growth in terms of online casino searches since 2016, with this having followed the introduction of new and progressive legislation at the end of 2014.

This enables operators to apply for special gambling licenses, so long as they operate a brick-and-mortar establishment or an electronic casino. As a result of this, 2020 saw Croatia’s iGaming interest rise by more than 25% against the four-year average, with further growth forecast for the years ahead.

Once again, it’s also clear that 2020 saw huge and disproportionate increases in gambling interest when compared to the established four-year average, with this indicative of several short and long-term factors.

3. What are the Top Countries to Target in 2021?

Overall, it should come as no surprise that Thailand tops the overall list for increased online interest and search phrases, with the overall average trend for 2020 nearly 22% higher than the four-year rolling average.

However, it’s hard to fully quantify Thailand’s growth and potential to scale further in the future, thanks to the presence of stringent anti-gambling laws and the lack of completely reliable participation figures.

The same principle applies to Vietnam, which experienced 21% growth when compared to the four-year average but faces similar challenges in terms of the legislative and regulatory climate.

Elsewhere, Argentina has recorded average growth of around 20% vs. the four-year average, with this market having far more in common with the majority of developing economies across the globe. More specifically, iGaming verticals are technically legal in most provinces, thanks to the lack of any legislative provisions that seek to prosecute players or prevent them from engaging with international operators.

This would arguably establish the South American nation as the country with the highest growth potential in the world, with Canada and New Zealand (which both demonstrated average growth of around 20%) also making robust arguments for capturing the attention of global operators.

Of course, the US also remains a prominent target (especially amongst UK operators), with this huge region showcasing increased iGaming interest of 16% when compared to the four-year average.

This burgeoning marketplace also has an increasingly pressing need for the type of advanced software and responsible gambling technology available in the UK, while it has the highest levels of potential given the rapid rise of sports betting and the scope for states to legalise online casino gameplay on a huge scale.

Finally, we should note that the majority of the world’s fastest growing iGaming markets (from the perspective of online interest) belong to emerging economies, including Chile, Sweden and Colombia.

However, the UK and Ireland also join the US in the top 10 list, with these regions having grown by 15% and 12.75% respectively as they continue to build on a progressive regulatory framework.